Beijing  - China's stocks closed 2.44 per cent lower on Friday led by trading in shares of banks, property developers and coal producers.

BEIJING, Nov. 28  -- China confirmed holding Huang Guangyu, an electrical appliance entrepreneur estimated to be worth $6 billion, for investigation of "economic crimes."

The rags-to-riches businessman went missing last week and trading of shares of his company, Gome Electrical Appliances Holdings, had been suspended, the BBC reported Thursday.

Chinese officials gave no details about the 39-year-old's detention but the British network said local media had reported about alleged irregularities in the share price of a company controlled by his brother.

Taipei- Taiwan will allow foreign cruise ships to sail directly between Taiwan and China after a recently-signed direct shipping pact becomes effective, an official said Thursday.

Deputy Transport Minister You Fang-lai, quoted by the Broadcasting Corp of China, said that if foreign cruise ships apply to sail directly across the Taiwan Strait, so as to save the cost of having to dock at a third place, "we will approve it."

"That is if they do not pick up Chinese or Taiwan passengers when Chinese or Taiwan ports, and they only carry foreign passengers," he said.

Abu Dhabi, Nov 27th, 2008 : The UAE-China Joint Economic Committee opened its fifth round of talks in Abu Dhabi today with high ranking officials from both side attending the meeting.

Undersecretary of the Ministry of Economy Mohammed Ahmed Bin Abdul Aziz Al Shehhi led the UAE side while Vice Minister of Commerce of China (PRC) Dr. Gao Hucheng led the Chinese side at the talks.

Beijing, Nov. 27 : China has decided to cancel its annual summit with the European Union because of French President Nicholas Sarkozy’s plans to meet Tibetan spiritual leader, the Dalai Lama.

The decision is a dramatic example of the lengths to which Beijing is willing to go to isolate the Dalai Lama internationally.

French President Sarkozy, whose country holds the rotating EU presidency, will go ahead with plans to meet the Dalai Lama in Poland next month despite Beijing''s explicit anger.

Paris - The diplomatic row between the European Union and China escalated Thursday when Fr